Cenovus's Diversified & Resilient Business Model

CENOVUS HAS THE BEST ASSETS IN THE INDUSTRY Industry-leading projects that outperform today and for decades to come Cenovus has the lowest SOR in industry Oil Sands production growth of ~75,000 bbls/d over five-year plan Industry leading steam to oil ratios¹ Cenovus average SOR ~2.5 in 10 years Steam to oil ratio (SOR) 4.0 Cenovus project today Cenovus project in 10 years² 3.0 2.0 Cenovus 2034 SOR² 1.0 Christina Lake Foster Creek Lloyd Thermals Sunrise 2023 Cenovus 2023 peer average Resource Experience Note: See Advisory. 1) Peer average based on 2023 AER full year data. Peers include ATH, CNOOC, CNQ, COP, IMO, MEG, & SCR. 2) 10-year forecast SOR. cenovus ENERGY Technology 31

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